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<div class="row-fluid">
<div class="span6">
<h1>What are bitcoins?</h1>
<p>
Bitcoins are units of digital currency that can be
transferred over the Internet.
They get sent to a bitcoin address and stored in a digital wallet
that you can access with a
password. Creating a wallet is free and
easy -- <a href="https://blockchain.info/wallet/new" target="_blank">try it</a>.
</p>
<p>
New bitcoin addresses start with a zero balance. Transactions between addresses are
recorded in a file that gets published on
the Internet. The file keeps track of every transaction that's ever taken place on the bitcoin network and is used to determine the current balance of every address.
</p>
<p>
Roughly 150 new bitcoins are
generated every hour and distributed proportionally to the addresses of people that
contribute computing power to the network. The
<a href="http://bitcoin.org">software to participate</a> is free and open source so anyone can run it on their computer to earn bitcoins.
</p>
<p>
Over time, fewer and fewer
bitcoins will be created until finally there are a total of
21 million of them in circulation by the year 2040. Each one of them
is divisible up to 8 decimal places, making
it possible to transact small amounts.
</p>
</div>
<div class="span6">
<h1>Why use them?</h1>
<p>
They're free, fast, secure, and global. Merchants
don't get charged for accepting them and you don't
get charged for transferring them, even
internationally. There are no fees, prerequisites, or
limits. You can register addresses anonymously and
create as many accounts as you like. They can
never be frozen because no central authority
controls them. Whether you're sending a fraction of
a cent or a million dollars, the network doesn't
discriminate.
</p>
<p>
You can use bitcoins to send free,
immediate payments to your friends and family
from your phone or laptop so you can pay a co-worker
back for coffee, transfer wages to family overseas,
or donate to organizations like WikiLeaks who've
been cut off by the major payment companies. Or, use bitcoins to securely
store your savings and gain access to them
from anywhere that has Internet access. They tend to
appreciate in value over time because of their
limited supply, so they make a good investment.
Unlike dollars and other national currencies, no
government or issuing authority can print more of
them.
</p>
</div>
</div>
<div class="row-fluid">
<div class="span6">
<h1>Where can I get some?</h1>
<p>
Contact one of our trusted <a href="/exchangers">exchangers</a>. We'll meet you in person to sell you bitcoins and will be happy to help you get started if you're new.
</p>
<p>
There are several bitcoin markets operating online as well. The largest one in Canada
is <a href="http://cavirtex.com/">cavirtex.com</a> and is run out of Calgary. They link up buyers and sellers and facilitate trades by
allowing you to deposit and withdraw Canadian dollars directly from your bank account. A list of other
online exchanges and their rates can be found at <a href="http://bitcoincharts.com">bitcoincharts.com</a>.
</p>
<p>
You can also use sites like <a href="http://localbitcoins.com/">Local Bitcoins</a>, <a href="http://bitcoinary.com/">Bitcoinary</a>, and <a href="http://bitcoin-otc.com/">Bitcoin OTC</a> to find people to trade with directly.
</p>
</div>
<div class="span6">
<h1>How is their price set?</h1>
<p>
Most merchants accepting bitcoin will use an
exchange rate from one of the online markets
to determine their equivalent
dollar value. The exchange rate is simply the last
price that some seller was able to charge some
buyer for bitcoins in the free market and is
governed by supply and demand.
</p>
<p>
Bitcoins aren't backed by any underlying
commodity or insured by any authority. They
have value as a currency due to their mathematically
guaranteed scarcity, security, divisibility,
and global recognition.
</p>
</div>
</div>
<div class="row-fluid">
<div class="span6">
<h1>What can I buy with them?</h1>
<p>
You can <a href="/merchants">spend them locally</a> at one of our participating merchants or check out
<a href="http://bitcoinmagazine.net/where-to-spend-your-bitcoins/">this article</a> for some other suggestions.
The number of <a href="https://en.bitcoin.it/wiki/Trade">companies accepting bitcoins</a>
is growing quickly and we're working to get more stores accepting them in
Vancouver. We believe it'll be in
their best interest to avoid the transaction fees
charged by the credit card companies. Transaction
fees end up getting built into the prices we pay for
goods and services across the board so we're always
subsidizing the banks and payment companies.
</p>
</div>
<div class="span6">
<h1>Where can I learn more?</h1>
<p>
Come to our <a href="http://meetup.com/bitcoinvan/">monthly meetup group</a> or <a href="/exchangers">contact one of us</a>.
</p>
</div>
</div>
|
